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clock Created with Sketch. 28/12/19
20:21
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Originally posted by HotRods65:
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I've been reading about KDL, no wonder Ellendale went broke. Poor corporate management at the trough living it up at head office in Sydney, while at Ellendale they somehow stuffed/undermine the E7 pit access ramp making it unsafe and effectively ended production from E7 for an extended period(not sure it was ever restarted or a access new ramp made). They then continued paying dividends without decent earnings as they had no pit access lol. Then they decided to raise the price they were selling diamonds to Tiffany for and Tiffany basically told them to f off. A real comedy of errors, infighting, finger pointing, and dodgieness. Not sure how it played out in the courts afterwords. Not sure if the above is 100% right,but it sounds like it can basically be summarized as a big cluster f . Diamond prices did fall at one point as a major Indian buyer went broke but I suspect this was not the main cause of Ellendale going to receivership it was poor/perhaps dishonest management.
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JR will make this work.
